I had to chuckle this morning, when I read an article talking about how easy it is to expand your real estate business by adding property management services. Easy, huh? I beg to differ.
Although it’s certainly true, the steady income of property management activity is enticing, setting up and running a property management operation is entirely different than running a real estate sales business. Yes, your real estate pre-licensing education may have provided the minimum training you are required to have in order to be a property manager (some states require specialized licensing for property management), but did you learn anything about the business of managing investment real estate? If more than an hour of your pre-licensing education was dedicated to property management activity, I’d be surprised.
The article claims, “…agents are already familiar with 99 percent of the real estate law they need to know. The other one percent can be found easily.” Seriously? Let’s look at that a bit more closely. Continue reading “Growing a Property Management Business”